The DNA calculated the damaged in the Telepathy case file out of thin air. The prosecutors performed different financial accounting tricks to help demonstrate the existence of a crime, reports sursazilei.ro.
Specifically, they determined the value of the transaction taking into account the prices practiced in 2008 during the real estate boom, not the market price of 2003, when the transaction was made. They also doubled the price value of the property by including the right to use the said property for 50 years
In order to determine the damage, the DNA prosecutors asked for the calculation of the assets of the ICA, not of its shares, which involves the evaluation of assets and liabilities. In addition, the calculation was made for the year 2008, the year of the real estate boom, not 2003, when the Institute was privatized.
From 2003 to 2008 the real estate values have increased exponentially. The DNA expert quoted by sursazilei.ro assessed at 55 million euros the value of the buildings and land belonging to ICA, compared to 2003 when they were worth only 3.2 million dollars. The amount determined in 2008 was added another 5 million euros which represent the right to use the land and buildings of the institute for 50 years.
According to sursazilei this expertise considered evidence in the file is irrelevant and inconclusive because the Agency of State Domains sold the shares not the assets - ie the land plots and the buildings. Clearly the value of the shares is less than the value of assets because the company's liabilities are deducted from them, such as debts to the budget, or to the other creditors and salaries to the employees.
Based on these assets valuation that expert Mihai Papasteri calculated, the DNA specialist, Aurelia Nicolae calculated the price per share for September-October 2008 and concluded that the value of the ICA stake which in 2003 amounted to about 8 million euro in reached approximately 60 million in 2008. From these amounts the DNA took out the price paid for the stake which resulted in a damaged amounting to 59 million EURO.
Journalists from sursazilei.ro deemed that two big mistakes have been made: the first refers to the fact that the damage was set to values from five years after the sale, and the second includes the loss of both the asset and the right to use the said asset , which resulted in a doubling of the amounts.
Moreover, this value was calculated for 50 years, while the right to use had not been longer than four years. Sursazilei.ro compares this working method to the acquisition of a property worth EUR 1 million and five years after, the former owner is asking for another 59 million because, meanwhile, the prices on windows, doors, the roof or the land on which the building is constructed have increased.